Tag Archives: Al Seer Marine

Business & Investments

Al Seer Marine and Damen International Joint Venture Secure AED 1.3 Billion Contract with Tawazun Council to Build Naval Vessels

  • A strategic alliance between Al Seer Marine – Damen International Joint Venture, and Tawazun Council to bolster the UAE’s naval capabilities.
  • Delivering state-of-the-art Offshore Patrol Vessels (OPVs) to enhance the UAE’s maritime security and defense.

Abu Dhabi, 24 March 2025: Al Seer Marine (ADX: ASM), a frontrunner in the maritime industry and a subsidiary of International Holding Company (ADX: IHC) and Damen International, an Abu Dhabi company, part of the Damen family which is known from the renowned global shipbuilding company Damen Shipyards Group announce that their Joint Venture has secured a significant AED 1.3 billion contract with Tawazun Council to manufacture advanced Offshore Patrol Vessels (OPVs). This four-year project will bolster the UAE’s naval capabilities and enhance maritime security.

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Business & Investments

Al Seer Marine Adds Tabit and Rigel MR Tankers to Fleet, Completing First Stage of Expansion and Reaching 16 Vessels

Abu Dhabi, 4th March 2025: Al Seer Marine (ADX: ASM), a frontrunner in the maritime industry and a subsidiary of International Holding Company (ADX: IHC), announced the delivery of motor tankers Tabit and Rigel, the final two vessels in its series of six new build Medium Range (MR) tankers ordered from K Shipbuilding Korea.

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Business & Investments

Al Seer Marine Announces 2024 Financial Results with 4.0% Revenue Growth to AED 1.28 Billion

  • Total gross profit rose by 6.2%, to AED 153 million.
  • The operational profit reached AED 107.4 million.

  • Abu Dhabi, 29th January 2025: Al Seer Marine (ADX: ASM), a frontrunner in the maritime industry and a subsidiary of International Holding Company (ADX: IHC), has announced its financial results for 2024, highlighting operational growth amidst market-driven recovery trends.
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Business & Investments

Al Seer Marine and Damen International Announce Expansion of Joint Venture – Dune

  • The Joint Venture is expanding beyond the naval sector into the commercial maritime, to solidify its position as a global industry leader.
  • Dune’s mission is to leverage the combined strengths of Damen International and Al Seer Marine to become a global leader in naval and commercial shipbuilding.

Abu Dhabi, 11 November, 2024: Al Seer Marine (ADX: ASM), a frontrunner in the maritime industry and a subsidiary of International Holding Company (ADX: IHC), and Damen International, part of the Damen family which is known from the renowned global shipbuilding company Damen Shipyards Group, have further solidified their strategic partnership with the expansion of their joint venture, Dune.

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Business & Investments

Al Seer Marine Secures USD 80 Million Financing from BOCOM Leasing for MR Tankers Betelgeuse and Bellatrix

  • This agreement marks the first collaboration between Al Seer Marine and BOCOM Leasing, establishing a new partnership in the maritime industry.
  • This financing is a milestone for Al Seer Marine, as it secures its first funding from outside the UAE. It empowers the company to expand its operations and invest in modern, eco-friendly vessels, strengthening its position within the global maritime landscape.

Abu Dhabi, 16 October, 2024: Al Seer Marine (ADX: ASM), a frontrunner in the maritime industry and a subsidiary of International Holding Company (ADX: IHC), is pleased to announce that it has secured USD 80 million in financing from BOCOM Financial Leasing Co., Ltd (BOCOM Leasing), a subsidiary of the Bank of Communications, one of China’s largest commercial banks, for its newly delivered MR tankers, Betelgeuse and Bellatrix. This transaction represents the first financing that Al Seer Marine has secured for its shipping fleet from outside the UAE.

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